In connection with the appointment of Rathgaber, he was also elected to the company's board. Both the appointment and the election will become effective [image-nocss] Feb. 1, 2010. Until that time, Fred Lummis, Cardtronics' chairman and interim CEO, will continue to serve as interim CEO. After February 1, Lummis will continue to serve as the company's chairman.
"After an extremely thorough search process, we found not only an outstanding leader with a sustained track record of exceeding established operational and financial goals, but also a payments industry executive with the knowledge and expertise needed to help Cardtronics continue its strong track record of growth and innovation," said Lummis.
He added, "The existing management team has done an outstanding job of creating an extremely valuable and profitable network comprised of over 33,000 financial services kiosks and strong financial institution and retail relationships throughout three countries. With Steve's significant payments industry experience, including the launching of numerous payments-related products while at NYCE, we believe we've found a CEO who will lead our team's efforts to introduce new products and services that will leverage our existing network and scale our business."
During Rathgaber's 18 years at NYCE, he served in a number of sales and operating roles, including most recently the position of president and COO, which he assumed in 2004 concurrent with the acquisition of NYCE by Metavante. During his tenure at NYCE, he was responsible for developing and leading NYCE's payment product expansion strategy, which included the launching of Internet and mobile banking and payment-related services. He was also responsible for NYCE's domestic and international expansion efforts and oversaw the acquisition and integration of numerous debit networks and transaction processing platforms.
Prior to joining NYCE, Rathgaber served in a number of operational management roles with Automatic Data Processing Inc. and Citibank.
He said that he expects "Cardtronics to continue to benefit from the secular growth trend in the provision of convenient and cost-effective consumer financial services, including surcharge-free access to cash, bill payment services and prepaid card and remote image deposit services."
Headquartered in Houston, Cardtronics is the world's largest nonbank operator of ATMs. It operates approximately 33,000 ATMs across its portfolio, with ATMs in every major market in the United States and Puerto Rico, more than 2,600 ATMs throughout the United Kingdom, and more than 2,100 ATMs throughout Mexico. Major merchant clients include 7-Eleven, Chevron, Costco, CVS/pharmacy, ExxonMobil, Rite Aid, Safeway, Sunoco, Target and Walgreens. Complementing its ATM operations, Cardtronics works with financial institutions of all sizes to provide their customers with convenient cash access and deposit capabilities through ATM branding, surcharge-free programs and image deposit services. Approximately 11,200 Cardtronics owned and operated ATMs currently feature bank brands.
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